Economics and Economy

You Have No Idea How Much Your Boss Pays in Payroll Taxes

America is suffocating under an amazing tax burden, but most Americans STILL underestimate how much their tax bill really is.  That’s because Washington has done a fantastic job of forcing employers to hide most of the taxes you pay.  If people had to see and deal with their total liability, the Democratic Party would be swept into the dust bin of history.

taxes

Here are some frightening facts from Rasmussen:

  • Only 54% of Americans are aware that employers pay payroll taxes on their behalf
  • Of those who do understand this, on 18% grossly underestimate the dollar amount of the taxes their bosses pay on their behalf
  • Only 10% of Americans have a basic understanding of the tax burden placed on their employer on their behalf

I heard a caller to Rush Limbaugh a few weeks ago.  He was a painting contractor who’d been in business for 20 years.  He is shutting down his company. The combination of a horrible economy and the burdens of even more taxes on business, the added regulation under Obama’s administration, the burden of an onerous Obamacare tax avalanche, have combined to make it almost impossible to run a small business—unless that business services the government.

Author: William Hennessy

Co-founder of St. Louis Tea Party Coalition and Nationwide Chicago Tea Party Persuasive design expertLatest book: Turning On Trump: An Evolution (2016)Author of The Conservative Manifest (1993), Zen Conservatism (2009), Weaving the Roots (2011), and Fight to Evolve (2016)I believe every person deserves the dignity of meaningful work as the only path to human flourishing.